Belize in 2004

The primary concern in Belize in 2004 was the heightened public debt and the manner in which the government attempted to respond to it. In an effort to meet repayment on debt owed to commercial banks, the government attempted to float a bond of $225 million on the international market. It was the first time that the government had attempted such a large bailout, and the action proved unsuccessful. The bond, together with alleged irregularities by the government in the use of Social Security funds, generated frenzied public concern, becoming so intense that seven ministers—more than half of the prime minister’s cabinet—resigned their positions in August. After a few days, however, they renounced their resignations and returned to the cabinet. It was the first time in recent memory that a financial matter had galvanized interest across all sectors of the public and overcome the partisan allegiance that normally characterized Belizean public affairs.

Notwithstanding the crisis in public finance, there were praiseworthy efforts by the government to reinforce the social infrastructure. The long-awaited reopening of the Bliss Centre for the Performing Arts in Belize City ushered in a revival of music, theatre, and dance for people in all age groups, including schoolchildren.